Overview

• Bitcoin hovered around $109,000–$111,000 and ether reclaimed roughly $4,000 after a late‑week bounce, with August PCE inflation in line with forecasts.
• Roughly $1.1 billion in positions were liquidated Thursday and about $3 billion over recent days, as the Fear & Greed Index slid to 28, signaling entrenched caution.
• U.S. spot bitcoin ETFs saw $258.4 million of outflows on Thursday and about $725 million since Monday, a reversal that added selling pressure, per SoSoValue data.
• More than $17 billion in options expired Friday with a max‑pain near $110,000 that helped anchor spot price, while bitcoin slipped below its 100‑day EMA and eyes support around $107,000–$106,000 with deeper levels near $104,000–$102,000.
• Analysts remain split, with some warning of further drift lower and others expecting a Q4 recovery once leverage resets and institutional demand stabilizes flows.